• Fast Track

    • Fast Track Image
      Meet with a home loan expert Have us call you

      Buy your first home sooner and save on mortgage insurance

      Ideal for: First home buyer; Guarantor

      The support of family is priceless and when they’re happy to act as guarantors on your property purchase, they could help you buy your home quicker than you thought and save you thousands in mortgage insurance.

      With RAMS Fast Track, a guarantor, a parent of the applicant, simply provides RAMS with a limited guarantee supported by a registered mortgage* over their property, for the amount you need to borrow over 80% of the property value as an extra form of security for your home loan. With their support, not only can you borrow more than the full purchase price(or valuation if lower), but you won’t be charged mortgage insurance.

      Key benefits for the borrower:

      • No need to save a deposit
      • Borrow up to 120% of the full purchase price plus upfront costs (must include home improvements and debt consolidation or borrow up to 110% if including either home improvements or debt consolidation or borrow up to 105% if only borrowing full purchase price plus upfront costs)
      • Could save you thousands on mortgage insurance costs.
      • Available on home loans for owner occupier plus investment purposes (excludes Line of Credit and Self-employed Low Doc loans). Can be used for Construction purposes (only where no debt consolidation or home improvements are required).

      Key benefits for the guarantor:

      • Only liable for the agreed, guaranteed amount (i.e. not the full loan amount) plus reasonable enforcement expenses.  
      • Not liable for scheduled monthly repayments.
      • Can apply to have the guarantee released at any time. RAMS may release the Guarantor at its discretion, taking into consideration the LVR and RAMS lending criteria applicable at the time. 

      • Hypothetical scenario

        Andrew wants to buy a $350,000 property in NSW. He could contribute his own savings of 5% ($17,500) and borrow 95% ($332,500) of the purchase price. On this loan amount, that typically means paying a lender’s mortgage insurance premium of approximately $10,365.

        The RAMS solution

        However with RAMS Fast Track, his parents could provide a guarantee limited to $87,500 (that’s 20% of the required security), secured against their existing property.

        So Andrew’s loan no longer requires lender’s mortgage insurance, saving him approximately $10,365 in upfront costs. In addition, he can borrow the full purchase price (or valuation if lower) and he doesn’t have to save for any of the deposit.
      •  
        Ideal for
        Interest rate*
        Comparision rate A nominal interest rate incorporating certain fees and charges to help consumers identify and compare the true cost of a home loan
        Min loan
        size
        Redraw
        Annual fee
        Compare

        Full Feature Home Loan

        All you'll ever need in a home loan

        		 Owner-occupiers, first home buyers, refinancers  Popular7.28% 7.35% $15,000 YesN/A

        Fixed Rate Home Loan

        The easy way to fix your loan

        		First home buyers, investors.5.95% 7.41% $15,000 YesN/A

        Low rate home loan

        No fuss, no frills, low rate

        		 First home buyers, owner occupiers  Popular6.55% 6.86% $15,000 YesN/A

        Investor home loan

        Reach your investment goals

        		 Investors6.59% 6.87% $15,000 YesN/A

    • Save or share

      Print Bookmark

    • DISCLAIMER:

      *. RAMS will agree to be the registered 2nd mortgage on the Guarantor’s property but only where the 1st registered mortgage is held by Westpac Banking Corporation or St George Bank Ltd.